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Barchart
Barchart
Rich Asplund

Crude Prices Slip After EIA Inventories Climb More Than Expected

Oil EIA OPEC United States Drone Russia Vortexa

April WTI crude oil (CLJ24) on Wednesday closed down -0.33 (-0.42%), and Apr RBOB gasoline (RBJ24) closed down -4.32 (-1.67%).

Crude oil and gasoline prices on Wednesday gave up an early advance and moved lower, with crude falling from a 3-1/2 month high on a bearish weekly EIA inventory report.  Also, Wednesday's rally in the dollar index (DXY00) to a 1-week high weighed on energy prices.  Crude prices Wednesday initially moved higher due to ongoing tensions in the Middle East and expectations that OPEC+ next week will decide to extend roughly 2 million bpd of crude production cuts beyond March.

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